Queensland Government Commits to Permanent Coal Super Tax

The Queensland government has introduced the Progressive Coal Royalties Protection (Keep Them in the Bank) Bill 2024, which aims to ensure that any changes to the coal rate result in a rate that is at least as high as the current one. The bill states, “A regulation may not prescribe a coal rate that is lower than the coal rate in effect immediately before the commencement of the regulation.” This move is in response to Queensland’s growing debt, driven mainly by infrastructure spending, and aims to secure revenue from coal companies for years to come. The government believes that the progressive nature of the royalty tiers will only apply during periods of high prices, ensuring that coal producers benefit from extraordinary returns. This decision has faced opposition from industry and international investors, who are concerned about the impact on investment and jobs in Queensland. Despite the backlash, the government is committed to maintaining the coal tax as it is essential to the budget forward estimates. Please rewrite this sentence.

Source link